Abstract The study examines the troika of financial liberalisation–volatility–information asymmetry to explore the linkage between financial liberalisation and return volatility across the globe. The financial liberalisation phenomenon was studied across three phases: liberalisation, post-liberalisation, and liberalisation plus post-liberalisation. The results indicate that volatility surged during the liberalisation phase for emerging economies, whereas it significantly declined during the post-liberalisation period. A declining pattern of volatility was observed during the post-liberalisation phase for developed economies. The conditional and unconditional volatility measures were highest during the liberalisation phase for emerging economies, whereas both the volatility measures were higher during the combined liberalisation phase for developed economies. There was evidence of negative asymmetric shock that lowered the volatility in emerging economies, in developed economies, and at the aggregate level.

中文翻译：

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三方调查金融自由化，波动性，信息不对称关系：全球面板方法

摘要该研究考察了金融自由化的三重性-波动性-信息不对称，以探索全球金融自由化与收益波动之间的联系。对金融自由化现象的研究分为三个阶段：自由化，自由化后，自由化加后自由化。结果表明，新兴经济体在自由化阶段的波动性急剧上升，而在自由化后的时期则大幅下降。在自由化后的阶段，发达经济体的波动率呈下降趋势。在自由化阶段，新兴经济体的有条件和无条件波动率措施最高，而在发达经济体的联合自由化阶段，两种波动率指标都较高。有证据表明，负面的非对称冲击降低了新兴经济体，发达经济体以及总体水平的波动性。